House Committee to Weigh Legislation to Tighten Payday Lending

One piece of the legislation would create an Office for Under-Banked, Un-Banked and Underserved Consumers in the CFPB.

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U.S. Capitol building. (Source: Shutterstock)

In the face of the CFPB’s plan to loosen rules governing so-called payday loans, the House Financial Services Committee plans to explore legislation that would tighten the regulations, according to a memo produced by the Democratic staff of the committee.